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Started By
Message
re: Flood insurance recommendations??
Posted on 8/17/16 at 3:18 pm to LSUFanHouston
Posted on 8/17/16 at 3:18 pm to LSUFanHouston
quote:
How do you have rushing water that does not rise? Are you referring to a pipe break situation?
Surface water runoff or wind driven rain can be excluded in a flood policy.
1
Posted on 8/17/16 at 3:19 pm to jrodLSUke
quote:
Surface water runoff
ahh, the ole rain fell from the sky now moving exclusion
Posted on 8/17/16 at 3:25 pm to LSUFanHouston
Storm surge from a hurricane would also be considered rushing water and hence wouldn't be covered by a flood policy.
Posted on 8/17/16 at 3:27 pm to NorthGwinnett LSU
quote:
Storm surge from a hurricane would also be considered rushing water and hence wouldn't be covered by a flood policy.
then why do beach front condos carry flood insurance? geesh some people need to be quiet.
Posted on 8/17/16 at 3:28 pm to Chad504boy
quote:
then why do beach front condos carry flood insurance?
Not sure but its in the exclusion
Posted on 8/17/16 at 3:30 pm to NorthGwinnett LSU
quote:
Storm surge from a hurricane would also be considered rushing water and hence wouldn't be covered by a flood policy.
Typically, storm surge is considered flood; although there can be exceptions to every policy.
Most people associate storm surge with windstorm coverage, but those two coverages are almost always covered separately.
Posted on 8/17/16 at 3:32 pm to NorthGwinnett LSU
quote:You should quit while you are ahead
NorthGwinnett LSU
quote:
In 1968, the federal government created the National Flood Insurance Program (NFIP) to provide homeowners in flood zones with affordable flood-insurance policies. These policies do protect against storm surge.
This post was edited on 8/17/16 at 3:32 pm
Posted on 8/17/16 at 3:34 pm to lsupride87
NFIP does include storm surge in flood coverage, as do most policies.
Private sector flood insurance can exclude storm surge from other forms of flood coverage, but that would have to be specifically mentioned in the policy.
Private sector flood insurance can exclude storm surge from other forms of flood coverage, but that would have to be specifically mentioned in the policy.
Posted on 8/17/16 at 3:35 pm to NorthGwinnett LSU
quote:
Not sure but its in the exclusion
actually its not.
Posted on 8/17/16 at 3:38 pm to jrodLSUke
quote:Never heard of that
Private sector flood insurance
Posted on 8/17/16 at 3:40 pm to lsupride87
quote:
Never heard of that
yep and there's actually been renewal offers going out w/ private flood insurance offerings that sometimes saves the insured maybe $60 or so on renewal. I'm interested to know how these possible claims go compared to that of fema policies.
Posted on 8/17/16 at 4:10 pm to Chad504boy
To begin with every square foot of property in Louisiana is in a flood zone so don't ever tell anyone you are not in a flood zone.
In zones B,C or X you don't need an elevation certificate for a quote. The difference in premiums will be because of the amount insured and the deductible.
Zones A1-A30 For prefirm structures which are structures built prior to around 1972 pays a certain grandfathered rate, which they are trying to do away with. Most flood claims are these type of structures which can be many feet below the now required elevation.
Zones A1-A30 for post firm structures the premium depends on how high you are vs. the base flood elevation. As you go higher it gets cheaper so neighbors at different elevations can pay vastly different premiums with all other things being equal. An elevation certificate will give your agent the information necessary to get you the best rate. Most of the time old certificates can be used.
Either a surveyor or the flood plain manager "usually the planning/zoning office" can tell you what zone you are in.
In zones B,C or X you don't need an elevation certificate for a quote. The difference in premiums will be because of the amount insured and the deductible.
Zones A1-A30 For prefirm structures which are structures built prior to around 1972 pays a certain grandfathered rate, which they are trying to do away with. Most flood claims are these type of structures which can be many feet below the now required elevation.
Zones A1-A30 for post firm structures the premium depends on how high you are vs. the base flood elevation. As you go higher it gets cheaper so neighbors at different elevations can pay vastly different premiums with all other things being equal. An elevation certificate will give your agent the information necessary to get you the best rate. Most of the time old certificates can be used.
Either a surveyor or the flood plain manager "usually the planning/zoning office" can tell you what zone you are in.
This post was edited on 8/17/16 at 4:16 pm
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